Coinbase to shut down business from Indian crypto market
Coinbase exchange decided “not to quit” the Indian crypto market despite the regulatory pressure.
Coinbase is a US-based highly reputed crypto exchange. The majority of retail & institutional investors choose Coinbase’s crypto services to deal in cryptocurrencies. Since April 2022, this exchange has been providing services in the Indian jurisdiction, despite no crypto rules & regulations in the country.
Just a few days ago, the Coinbase India team sent an email to the Indian customers that it is going to wind down the platform for the Indian customers from 25 Sep because of the increasing regulatory pressure on the exchange.
Coinbase suspended new customers’ registration from India & also suggested the existing customers use Coinbase wallet to transfer & hold the funds, the funds that customers are holding on the Coinbase exchange.
Later a Coinbase spokesperson confirmed that the email was sent only to some particular Coinbase India customers, who were not following the exchange’s terms & conditions.
The spokesperson said that the exchange suspended new users’ registration in June of this year but is still committed to providing services in Indian jurisdiction.
Initially, the TechCrunch platform published a report on this matter on behalf of Coinbase’s email, which was sent to only some particular customers.
Later TechCrunch updated its report & confirmed that Coinbase is not going to quit the Indian crypto market.
Coinbase, UPI, & controversy
In April of last year, Coinbase exchange jumped into the Indian market but failed to get approval for the UPI banking service support, the simplest & easiest way of payment system in India.
Later the UPI payment system developer body NPCI responded on this matter & confirmed that no crypto company was ordered to use UPI payment service in crypto-related businesses. After that, the majority of the Indian crypto exchanges suspended the UPI payment method. At the time, the Indian crypto investors faced a huge problem, in the absence of UPI services on the crypto exchanges.
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